N-Q 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3361

Fidelity Massachusetts Municipal Trust
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

January 31

Date of reporting period:

April 30, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Massachusetts Municipal Money Market Fund

April 30, 2005

1.800343.101

MFS-QTLY-0605

Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 97.1%

Principal Amount

Value

Massachusetts - 93.2%

Acushnet Gen. Oblig. BAN 3% 8/12/05

$ 22,193,000

$ 22,284,247

Boston Indl. Dev. Rev. (New Boston Seafood Ctr., Inc. Proj.) Series 1997, 3.05%, LOC Fleet Bank NA, VRDN (b)(d)

3,615,000

3,615,000

Boston Wtr. & Swr. Commission Rev. Participating VRDN:

Series MS 00 434, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

4,830,000

4,830,000

Series SG 75, 3.01% (Liquidity Facility Societe Generale) (b)(e)

13,480,000

13,480,000

Clipper Tax-Exempt Trust Participating VRDN Series 2003 8, 2.7% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(e)

16,070,000

16,070,000

Dudley Charlton Reg'l. School District Participating VRDN Series PA 521, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

5,675,000

5,675,000

Franklin Gen. Oblig. BAN 3.75% 3/28/06

14,200,000

14,333,194

Haverhill Gen. Oblig. BAN 3.75% 3/30/06

8,430,000

8,512,592

Hull Gen. Oblig. BAN 3% 7/14/05

18,200,000

18,232,122

Lincoln-Sudbury Reg'l. School District BAN 3% 10/7/05

43,900,000

44,146,221

Lynnfield Gen. Oblig. BAN 3.5% 3/1/06

11,662,138

11,762,572

Massachusetts Bay Trans. Auth.:

Participating VRDN:

Series EGL 04 24, Class A, 3.02% (Liquidity Facility Citibank NA) (b)(e)

10,070,000

10,070,000

Series EGL 99 2101, 3.02% (Liquidity Facility Citibank NA, New York) (b)(e)

12,600,000

12,600,000

Series Merlots 00 H, 3.07% (Liquidity Facility Wachovia Bank NA) (b)(e)

24,930,000

24,930,000

Series MS 00 431, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

1,895,000

1,895,000

Series MS 98 107, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

5,565,000

5,565,000

Series PA 675, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

4,670,000

4,670,000

Series TOC 04 D, 3.02% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(e)

7,800,000

7,800,000

Series 1999, 3.04%, VRDN (b)

23,900,000

23,900,000

3% (Liquidity Facility WestLB AG), VRDN (b)

38,000,000

38,000,000

Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating VRDN:

Series EGL 04 4, 3.02% (Liquidity Facility Citibank NA) (b)(e)

9,000,000

9,000,000

Series EGL 720050007, 3.02% (Liquidity Facility Citibank NA) (b)(e)

53,300,000

53,300,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating VRDN: - continued

Series Merlots 04 B4, 3.07% (Liquidity Facility Wachovia Bank NA) (b)(e)

$ 13,955,000

$ 13,955,000

Series MS 01 723, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

34,405,000

34,405,000

Series PT 1580, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

10,000,000

10,000,000

Series PT 2459, 3.01% (Liquidity Facility Dexia Cr. Local de France) (b)(e)

33,060,000

33,060,000

Series PT 2581, 3.01% (Liquidity Facility Dexia Cr. Local de France) (b)(e)

57,500,000

57,500,000

Series Putters 733T, 3.02% (Liquidity Facility JPMorgan Chase Bank) (b)(e)

10,190,000

10,190,000

Series ROC II R1034, 3.02% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e)

8,045,000

8,045,000

Massachusetts College Bldg. Auth. Proj. Rev. Participating VRDN:

Series Merlots 00 B11, 3.07% (Liquidity Facility Wachovia Bank NA) (b)(e)

8,170,000

8,170,000

Series PT 2077, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

5,250,000

5,250,000

Massachusetts Dev. Fin. Agcy. Assisted Living Facility Rev. (Whalers Cove Proj.) Series 2001 A, 3.04%, LOC Wachovia Bank NA, VRDN (b)(d)

2,750,000

2,750,000

Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds (Nantucket Elec. Co. Proj.) 2.35% tender 5/17/05 (Massachusetts Elec. Co. Guaranteed), CP mode (d)

6,415,000

6,415,000

Massachusetts Dev. Fin. Agcy. Indl. Dev. Rev.:

(Charm Sciences, Inc. Proj.) Series 1999 A, 3.02%, LOC Fleet Bank NA, VRDN (b)(d)

3,700,000

3,700,000

(Monkiewicz Realty Trust Proj.) 3.03%, LOC Fleet Bank NA, VRDN (b)(d)

5,790,000

5,790,000

Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev.:

(Archstone Reading Apartments Proj.) Series A, 2.99%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(d)

8,000,000

8,000,000

(Casco Crossing Proj.) 3.07%, LOC Fannie Mae, VRDN (b)(d)

5,000,000

5,000,000

(Georgetown Village Apts. Proj.) 3.07%, LOC Fannie Mae, VRDN (b)(d)

7,850,000

7,850,000

(Salem Heights Apts. Proj.) Series A, 3%, LOC Fed. Home Ln. Bank of Boston, VRDN (b)(d)

15,900,000

15,900,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Dev. Fin. Agcy. Resource Recovery Rev. (Waste Mgmt., Inc. Proj.) Series 1999, 3.05%, LOC Suntrust Bank, VRDN (b)(d)

$ 2,500,000

$ 2,500,000

Massachusetts Dev. Fin. Agcy. Rev.:

(Alliance of Massachusetts, Inc. Proj.) Series 2001 A, 3.05%, LOC PNC Bank NA, Pittsburgh, VRDN (b)

7,125,000

7,125,000

(Boston Renaissance Charter School Proj.) 3.05%, LOC Fleet Nat'l. Bank, VRDN (b)

13,960,000

13,960,000

(Boston Univ. Proj.) Series R1, 3.04% (XL Cap. Assurance, Inc. Insured), VRDN (b)

59,295,000

59,295,000

(Brooks School Issue Proj.) Series 1999 A, 3.02% (MBIA Insured), VRDN (b)

3,700,000

3,700,000

(Neighborhood House Charter Proj.) Series A, 3%, LOC Fleet Nat'l. Bank, VRDN (b)

7,100,000

7,100,000

(Newton Country Day School Proj.) 2.99%, LOC Fleet Nat'l. Bank, VRDN (b)

8,000,000

8,000,000

(Thayer Academy Proj.) 3%, LOC Allied Irish Banks PLC, VRDN (b)

10,000,000

10,000,000

(Third Sector New England, Inc. Proj.) Series A, 3%, LOC Fleet Nat'l. Bank, VRDN (b)

12,200,000

12,200,000

(WGBH Edl. Foundation Proj.) Series B, 3% (AMBAC Insured), VRDN (b)

28,300,000

28,300,000

(YMCA of Greater Boston Proj.):

Series A, 3.02%, LOC Citizens Bank of Massachusetts, VRDN (b)

19,900,000

19,900,000

Series B, 3.02%, LOC Citizens Bank of Massachusetts, VRDN (b)

5,000,000

5,000,000

Series 2003 C, 2.45% 7/15/05, LOC Allied Irish Banks PLC, CP

15,000,000

15,000,000

Series A:

2.99%, LOC Fleet Nat'l. Bank, VRDN (b)

13,000,000

13,000,000

3%, LOC Comerica Bank, Detroit, VRDN (b)

6,625,000

6,625,000

3.02%, LOC Key Bank NA, VRDN (b)

6,000,000

6,000,000

Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. (Wheelabrator Millbury Proj.) 3.08%, LOC JPMorgan Chase Bank, VRDN (b)(d)

5,000,000

5,000,000

Massachusetts Fed. Hwy. Participating VRDN Series PT 393, 3.01% (Liquidity Facility BNP Paribas SA) (b)(e)

18,565,000

18,565,000

Massachusetts Gen. Oblig.:

Participating VRDN:

Series AAB 00 18, 2.99% (Liquidity Facility ABN-AMRO Bank NV) (b)(e)

14,740,000

14,740,000

Series AAB 02 18, 3% (Liquidity Facility ABN-AMRO Bank NV) (b)(e)

14,375,000

14,375,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Participating VRDN:

Series BA 01 O, 3.02% (Liquidity Facility Bank of America NA) (b)(e)

$ 2,785,000

$ 2,785,000

Series BA 02 C, 3.02% (Liquidity Facility Bank of America NA) (b)(e)

3,490,000

3,490,000

Series CDC 04 2, 3.01% (Liquidity Facility CDC Fin.-CDC Ixis) (b)(e)

12,695,000

12,695,000

Series EGL 00 2102, 3.02% (Liquidity Facility Citibank NA, New York) (b)(e)

7,400,000

7,400,000

Series EGL 01 2102, 3.02% (Liquidity Facility Citibank NA, New York) (b)(e)

14,835,000

14,835,000

Series EGL 01 2103, 3.02% (Liquidity Facility Citibank NA, New York) (b)(e)

38,500,000

38,500,000

Series EGL 01 2104, 3.02% (Liquidity Facility Citibank NA, New York) (b)(e)

16,100,000

16,100,000

Series EGL 01 2105, 3.02% (Liquidity Facility Citibank NA, New York) (b)(e)

35,585,000

35,585,000

Series EGL 02 6008, 3.02% (Liquidity Facility Citibank NA, New York) (b)(e)

7,860,000

7,860,000

Series EGL 03 13, 3.02% (Liquidity Facility Citibank NA, New York) (b)(e)

16,830,000

16,830,000

Series EGL 03 7777, 3.02% (Liquidity Facility Citibank NA, New York) (b)(e)

26,565,000

26,565,000

Series EGL 04 0003, 3.02% (Liquidity Facility Citibank NA) (b)(e)

23,635,000

23,635,000

Series EGL 04 0005, 3.02% (Liquidity Facility Citibank NA) (b)(e)

1,650,000

1,650,000

Series EGL 04 0006, 3.02% (Liquidity Facility Citibank NA) (b)(e)

12,750,000

12,750,000

Series EGL 04 0008, 3.02% (Liquidity Facility Citibank NA) (b)(e)

14,850,000

14,850,000

Series IXIS 04 9, 3.02% (Liquidity Facility CDC Fin.-CDC Ixis) (b)(e)

34,285,000

34,285,000

Series MACN 05C, 3.02% (Liquidity Facility Bank of America NA) (b)(e)

3,950,000

3,950,000

Series Merlots 04 B12, 3.07% (Liquidity Facility Wachovia Bank NA) (b)(e)

7,705,000

7,705,000

Series Merlots 04 B3, 3.07% (Liquidity Facility Wachovia Bank NA) (b)(e)

23,440,000

23,440,000

Series Merlots 04 C42, 3.07% (Liquidity Facility Wachovia Bank NA) (b)(e)

5,400,000

5,400,000

Series Merlots 04 C44, 3.07% (Liquidity Facility Wachovia Bank NA) (b)(e)

7,525,000

7,525,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Participating VRDN:

Series Merlots A51, 3.07% (Liquidity Facility Wachovia Bank NA) (b)(e)

$ 7,375,000

$ 7,375,000

Series MS 01 535, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

20,091,500

20,091,500

Series MS 01 574, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

6,395,000

6,395,000

Series MS 01 785 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

8,575,000

8,575,000

Series MS 1015, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

7,230,000

7,230,000

Series MS 1047, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

12,430,000

12,430,000

Series MS 872, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

7,495,000

7,495,000

Series MS 902, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

9,995,000

9,995,000

Series MS 903, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

1,495,000

1,495,000

Series PA 1059, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

4,900,000

4,900,000

Series PT 1390, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

10,165,000

10,165,000

Series PT 1609, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

10,075,000

10,075,000

Series PT 1611, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

15,800,000

15,800,000

Series PT 1618, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

8,075,000

8,075,000

Series PT 1726, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

12,085,000

12,085,000

Series PT 1802, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

4,945,000

4,945,000

Series PT 1811, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

6,060,000

6,060,000

Series PT 1945, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

12,290,000

12,290,000

Series PT 2008, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

6,905,000

6,905,000

Series PT 2015, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

11,190,000

11,190,000

Series PT 2073, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

2,635,000

2,635,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Participating VRDN:

Series PT 2079, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

$ 25,625,000

$ 25,625,000

Series PT 2118, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

10,510,000

10,510,000

Series PT 2146, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

5,400,000

5,400,000

Series PT 2226, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

16,715,000

16,715,000

Series PT 2252, 3.01% (Liquidity Facility Dexia Cr. Local de France) (b)(e)

11,350,000

11,350,000

Series PT 2289, 3.01% (Liquidity Facility Dexia Cr. Local de France) (b)(e)

11,495,000

11,495,000

Series PT 2389, 3.01% (Liquidity Facility Dexia Cr. Local de France) (b)(e)

11,895,000

11,895,000

Series PT 2421, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

15,280,000

15,280,000

Series PT 2425, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

28,600,000

28,600,000

Series PT 2426, 3.01% (Liquidity Facility Dexia Cr. Local de France) (b)(e)

40,735,000

40,735,000

Series PT 2427, 3.01% (Liquidity Facility Dexia Cr. Local de France) (b)(e)

6,835,000

6,835,000

Series PT 921, 3.01% (Liquidity Facility BNP Paribas SA) (b)(e)

18,700,000

18,700,000

Series PT 983, 3.01% (Liquidity Facility DEPFA BANK PLC) (b)(e)

25,800,000

25,800,000

Series Putters 300, 3.01% (Liquidity Facility J.P. Morgan Chase & Co.) (b)(e)

24,305,000

24,305,000

Series Putters 301, 3.01% (Liquidity Facility J.P. Morgan Chase & Co.) (b)(e)

19,540,000

19,540,000

Series Putters 317, 3.01% (Liquidity Facility J.P. Morgan Chase & Co.) (b)(e)

13,225,000

13,225,000

Series Putters 343, 3.01% (Liquidity Facility J.P. Morgan Chase & Co.) (b)(e)

7,900,000

7,900,000

Series Putters 402, 3.01% (Liquidity Facility JPMorgan Chase Bank) (b)(e)

30,095,000

30,095,000

Series Putters 462, 3% (Liquidity Facility PNC Bank NA, Pittsburgh) (b)(e)

8,915,000

8,915,000

Series Putters 571, 3.01% (Liquidity Facility J.P. Morgan Chase & Co.) (b)(e)

10,465,000

10,465,000

Series Putters 627, 3.01% (Liquidity Facility J.P. Morgan Chase & Co.) (b)(e)

5,100,000

5,100,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Participating VRDN:

Series Putters 794, 3.02% (Liquidity Facility J.P. Morgan Chase & Co.) (b)(e)

$ 5,445,000

$ 5,445,000

Series Putters 808, 3.02% (Liquidity Facility Dresdner Bank AG) (b)(e)

15,000,000

15,000,000

Series ROC II 4526, 3.02% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e)

5,145,000

5,145,000

Series ROC II R1047, 3.02% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e)

8,565,000

8,565,000

Series ROC II R191, 3.02% (Liquidity Facility Citibank NA) (b)(e)

5,995,000

5,995,000

Series ROC II R2042, 3.02% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e)

5,145,000

5,145,000

Series Stars 04 94, 3.01% (Liquidity Facility BNP Paribas SA) (b)(e)

10,945,000

10,945,000

Series Stars 80, 3.01% (Liquidity Facility BNP Paribas SA) (b)(e)

19,700,000

19,700,000

Series TOC 05 B, 3.02% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(e)

20,000,000

20,000,000

Series TOC 05 C, 3.03% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(e)

9,900,000

9,900,000

(Central Artery Proj.):

Series 2000 A, 3.03% (Liquidity Facility Landesbank Baden-Wuerttemberg), VRDN (b)

18,500,000

18,500,000

Series B, 3.03%, VRDN (b)

1,900,000

1,900,000

Series 2001 B, 3.07% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (b)

88,475,000

88,474,998

Series 2001 C, 3.07% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b)

29,390,000

29,390,000

Series 2005 A, 3.01% (Liquidity Facility Citibank NA), VRDN (b)

20,000,000

20,000,000

Massachusetts Health & Edl. Facilities Auth. Rev.:

Participating VRDN:

Series 01 834, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

28,300,000

28,300,000

Series BA 02 D, 3.02% (Liquidity Facility Bank of America NA) (b)(e)

10,505,000

10,505,000

Series EGL 03 50, 3.02% (Liquidity Facility Citibank NA, New York) (b)(e)

15,310,000

15,310,000

Series EGL 03 9, 3.02% (Liquidity Facility Citibank NA, New York) (b)(e)

9,900,000

9,900,000

Series EGL 04 0013, 3.02% (Liquidity Facility Citibank NA) (b)(e)

9,100,000

9,100,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Health & Edl. Facilities Auth. Rev.: - continued

Participating VRDN:

Series EGL 04 39, 3.02% (Liquidity Facility Citibank NA) (b)(e)

$ 23,000,000

$ 23,000,000

Series EGL 04 44 Class A, 3.02% (Liquidity Facility Citibank NA) (b)(e)

26,975,000

26,975,000

Series EGL 96 2101, 3.02% (Liquidity Facility Citibank NA, New York) (b)(e)

17,000,000

17,000,000

Series EGL 97 2104, 3.02% (Liquidity Facility Citibank NA, New York) (b)(e)

17,500,000

17,500,000

Series Merlots 00 T, 3.07% (Liquidity Facility Wachovia Bank NA) (b)(e)

3,975,000

3,975,000

Series Merlots 00 WW, 3.07% (Liquidity Facility Wachovia Bank NA) (b)(e)

14,655,000

14,655,000

Series Merlots 04 A14, 3.07% (Liquidity Facility Wachovia Bank NA) (b)(e)

6,310,000

6,310,000

Series Merlots 97 Y, 3.07% (Liquidity Facility Wachovia Bank NA) (b)(e)

6,500,000

6,500,000

Series MS 01 587, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

11,670,000

11,670,000

Series PA 595R, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

4,155,000

4,155,000

Series PT 2256, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

9,345,000

9,345,000

Series PT 904, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

31,405,000

31,405,000

Series PT 911, 3.01% (Liquidity Facility Danske Bank AS) (b)(e)

10,410,000

10,410,000

Series ROC II R294, 3.02% (Liquidity Facility Citibank NA) (b)(e)

4,995,000

4,995,000

Series SG 27, 3.01% (Liquidity Facility Societe Generale) (b)(e)

11,435,000

11,435,000

Series SGA 65, 3.03% (Liquidity Facility Societe Generale) (b)(e)

9,660,000

9,660,000

Series SGB 42, 3.02% (Liquidity Facility Societe Generale) (b)(e)

27,080,000

27,080,000

(Bentley College Proj.) Series K, 3.04%, LOC Fleet Nat'l. Bank, VRDN (b)

31,800,000

31,800,000

(Home for Little Wanderers Proj.) Series B, 2.99%, LOC Fleet Bank NA, VRDN (b)

4,435,000

4,435,000

(Partners Health Care Sys., Inc. Proj.) Series D6, 3.03%, VRDN (b)

9,300,000

9,300,000

(Simmons College Proj.) Series E, 3.04% (AMBAC Insured), VRDN (b)

15,875,000

15,875,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Health & Edl. Facilities Auth. Rev.: - continued

(Winchester Hosp. Proj.):

Series F, 3%, LOC Fleet Nat'l. Bank, VRDN (b)

$ 15,170,000

$ 15,170,000

Series G, 3%, LOC Fleet Nat'l. Bank, VRDN (b)

5,260,000

5,260,000

Massachusetts Hsg. Fin. Agcy. Participating VRDN Series PT 271, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

7,005,000

7,005,000

Massachusetts Hsg. Fin. Agcy. Hsg. Rev.:

Bonds Series T, 2.7% 1/31/06 (d)

13,000,000

13,000,000

Participating VRDN:

Series FRRI A13, 3.28% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(e)

3,040,000

3,040,000

Series LB 04 L78, 3.13% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)(e)

11,000,000

11,000,000

Series Merlots H, 3.07% (Liquidity Facility Wachovia Bank NA) (b)(e)

19,000,000

19,000,000

Series Putters 213, 3.04% (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e)

2,495,000

2,495,000

Series 2003 F, 3% (FSA Insured), VRDN (b)

27,250,000

27,250,000

Series 88, 3.03% (FSA Insured), VRDN (b)(d)

13,200,000

13,200,000

Massachusetts Indl. Fin. Agcy. Indl. Dev. Rev.:

(346 Univ. LLC Proj.) Series 1996, 3.02%, LOC Fleet Bank NA, VRDN (b)(d)

2,200,000

2,200,000

(Abbott Box Co. Proj.) Series 1997, 3.03%, LOC Fleet Nat'l. Bank, VRDN (b)(d)

3,205,000

3,205,000

(Barbour Corp. Proj.) Series 1998, 3.03%, LOC Fleet Nat'l. Bank, VRDN (b)(d)

4,705,000

4,705,000

(BBB Esq. LLC Proj.) Series 1996, 3.02%, LOC Fleet Bank NA, VRDN (b)(d)

1,500,000

1,500,000

(Boutwell Owens & Co., Inc. Proj.) Series 1998, 3.03%, LOC Fleet Nat'l. Bank, VRDN (b)(d)

2,690,000

2,690,000

(Brady Enterprises Proj.) Series 1996, 3.03%, LOC Fleet Nat'l. Bank, VRDN (b)(d)

2,450,000

2,450,000

(Decas Cranberry Proj.) Series 1997, 3.03%, LOC Fleet Nat'l. Bank, VRDN (b)(d)

4,875,000

4,875,000

(Heat Fab, Inc. Proj.) Series 1996, 3.05%, LOC Fleet Bank NA, VRDN (b)(d)

3,175,000

3,175,000

(Interpolymer Corp. Proj.) Series 1992, 3.02%, LOC Fleet Bank NA, VRDN (b)(d)

1,800,000

1,800,000

(Riverdale Mills Corp. Proj.) Series 1995, 3.02%, LOC Fleet Bank NA, VRDN (b)(d)

3,400,000

3,400,000

(United Plastics Proj.) Series 1997, 3.03%, LOC Wells Fargo Bank NA, San Francisco, VRDN (b)(d)

2,790,000

2,790,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1992:

2.03% tender 5/9/05, CP mode

$ 15,400,000

$ 15,400,000

2.33% tender 5/17/05, CP mode

19,000,000

19,000,000

Massachusetts Indl. Fin. Agcy. Rev.:

Bonds (Massachusetts Biomedical Research Corp. Proj.) Series A2, 0% 8/1/05

14,900,000

14,828,841

Participating VRDN Series SG 56, 3.01% (Liquidity Facility Societe Generale) (b)(e)

11,100,000

11,100,000

(Heritage at Darmouth Proj.) Series 1996, 3.03%, LOC Fleet Bank NA, VRDN (b)(d)

4,685,000

4,685,000

(JHC Assisted Living Corp. Proj.) Series 1998 A, 3%, LOC Suntrust Bank, VRDN (b)

3,375,000

3,375,000

(Mary Ann Morse Nursing Home Proj.):

Series 1994 A, 3%, LOC ABN-AMRO Bank NV, VRDN (b)

4,700,000

4,700,000

Series 1994 B, 3%, LOC ABN-AMRO Bank NV, VRDN (b)

5,800,000

5,800,000

(Society for the Prevention of Cruelty to Animals Proj.)
Series 1997, 2.99%, LOC Fleet Nat'l. Bank, VRDN (b)

3,230,000

3,230,000

(Youville Place Proj.) Series 1996, 3.05% (AMBAC Insured), VRDN (b)

4,700,000

4,700,000

Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev. Participating VRDN Series MS 01 674, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

23,960,000

23,960,000

Massachusetts Port Auth. Rev. Participating VRDN:

Series Merlots 00 Q, 3.22% (Liquidity Facility Wachovia Bank NA) (b)(d)(e)

21,345,000

21,345,000

Series PA 592, 3.02% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)(e)

4,850,000

4,850,000

Series PA 600R, 3.02% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)(e)

4,850,000

4,850,000

Series PT 895, 3.02% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)(e)

5,930,000

5,930,000

Series ROC II R2031, 3.02% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e)

7,380,000

7,380,000

Series SGA 64, 3.06% (Liquidity Facility Societe Generale) (b)(d)(e)

8,705,000

8,705,000

Massachusetts Port Auth. Spl. Facilities Rev. Participating VRDN:

Series Putters 501Z, 3.06% (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e)

5,580,000

5,580,000

Series ROC II R177, 3.04% (Liquidity Facility Citibank NA) (b)(d)(e)

7,495,000

7,495,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Port Auth. Spl. Proj. Rev. (Harborside Hyatt Proj.) Series 2001 A, 3.09%, LOC Gen. Elec. Cap. Corp., VRDN (b)(d)

$ 37,100,000

$ 37,100,000

Massachusetts Spl. Oblig. Dedicated Tax Rev. Participating VRDN:

Series EGL 04 25 Class A, 3.02% (Liquidity Facility Citibank NA) (b)(e)

6,015,000

6,015,000

Series Merlots B19, 3.07% (Liquidity Facility Wachovia Bank NA) (b)(e)

4,970,000

4,970,000

Massachusetts Spl. Oblig. Rev. Participating VRDN:

Series MSTC 7002, 3.02% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(e)

4,995,000

4,995,000

Series PT 1427, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

10,075,000

10,075,000

Series PT 2484, 3.01% (Liquidity Facility Dexia Cr. Local de France) (b)(e)

17,995,000

17,995,000

Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev. Participating VRDN:

Series MS 00 489, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

10,360,000

10,360,000

Series PA 672, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

6,840,000

6,840,000

Series PT 135, 3.01% (Liquidity Facility Lloyds TSB Bank PLC) (b)(e)

26,260,000

26,260,000

Series SG 124, 3.01% (Liquidity Facility Societe Generale) (b)(e)

21,505,000

21,505,000

Massachusetts Tpk. Auth. Tpk. Rev. Participating VRDN
Series Putters 140, 3.01% (Liquidity Facility JPMorgan Chase Bank) (b)(e)

9,405,000

9,405,000

Massachusetts Tpk. Auth. Western Tpk. Rev. Participating VRDN Series BA 97 N, 3.02% (Liquidity Facility Bank of America NA) (b)(e)

18,670,000

18,670,000

Massachusetts Wtr. Poll. Abatement Trust Participating VRDN:

Series CDC 04 3, 3.01% (Liquidity Facility CDC Fin.-CDC Ixis) (b)(e)

19,125,000

19,125,000

Series PT 1990, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

5,260,000

5,260,000

Series PT 2365, 3.01% (Liquidity Facility Dexia Cr. Local de France) (b)(e)

21,565,000

21,565,000

Series PT 2368, 3.01% (Liquidity Facility Dexia Cr. Local de France) (b)(e)

7,860,000

7,860,000

Series Putters 576, 3.01% (Liquidity Facility JPMorgan Chase Bank) (b)(e)

5,565,000

5,565,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Wtr. Poll. Abatement Trust Participating VRDN: - continued

Series Putters 577, 3.01% (Liquidity Facility J.P. Morgan Chase & Co.) (b)(e)

$ 10,455,000

$ 10,455,000

Series Putters 578, 3.01% (Liquidity Facility J.P. Morgan Chase & Co.) (b)(e)

18,000,000

18,000,000

Series ROC II R1027, 3.02% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e)

7,945,000

7,945,000

Series ROC II R1036, 3.02% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e)

10,140,000

10,140,000

Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. Participating VRDN:

Series Merlots 99 N, 3.07% (Liquidity Facility Wachovia Bank NA) (b)(e)

11,800,000

11,800,000

Series SGA 87, 3.03% (Liquidity Facility Societe Generale) (b)(e)

32,775,000

32,775,000

Massachusetts Wtr. Resources Auth.:

Participating VRDN:

Series EGL 00 2103, 3.02% (Liquidity Facility Citibank NA, New York) (b)(e)

5,600,000

5,600,000

Series EGL 02 2101, 3.02% (Liquidity Facility Citibank NA, New York) (b)(e)

14,660,000

14,660,000

Series EGL 7050011, 3.02% (Liquidity Facility Citibank NA) (b)(e)

10,990,000

10,990,000

Series EGL 7050015, 3.02% (Liquidity Facility Citibank NA) (b)(e)

26,660,000

26,660,000

Series MS 04 1057, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

11,000,000

11,000,000

Series MS 1080, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

5,770,000

5,770,000

Series MS 1084, 3.02% (Liquidity Facility Morgan Stanley) (b)(e)

5,595,000

5,595,000

Series PA 637, 3.02% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

4,625,000

4,625,000

Series PA 999R, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

5,210,000

5,210,000

Series PT 1382, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

6,575,000

6,575,000

Series PT 1774, 3.01% (Liquidity Facility WestLB AG) (b)(e)

10,315,000

10,315,000

Series Putters 799, 3.02% (Liquidity Facility JPMorgan Chase Bank) (b)(e)

4,700,000

4,700,000

Series Putters 826, 3.02% (Liquidity Facility Dresdner Bank AG) (b)(e)

24,900,000

24,900,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Wtr. Resources Auth.: - continued

Series 1998 D, 2.99% (FGIC Insured), VRDN (b)

$ 30,000,000

$ 30,000,000

Series 1999, 2.43% 7/14/05, LOC State Street Bank & Trust Co., Boston, CP

2,000,000

2,000,000

Series 2000 B, 2.99% (FGIC Insured), VRDN (b)

28,880,000

28,880,000

Series 2002 D, 3.05%, LOC Landesbank Baden-Wuerttemberg, VRDN (b)

3,500,000

3,500,000

Medway Gen. Oblig. BAN 3% 10/7/05

16,299,646

16,384,017

Melrose Gen. Oblig. BAN 3% 8/11/05

11,015,000

11,059,849

Mendon Upton Reg'l. School District BAN 3.5% 2/28/06

16,735,000

16,836,083

Milford Gen. Oblig. BAN 3.5% 4/17/06

5,000,000

5,034,136

Milton Gen. Oblig. BAN 3% 8/5/05

5,000,000

5,008,012

North Andover Gen. Oblig. BAN 3% 10/7/05

32,722,000

32,891,340

North Middlesex Reg'l. School District BAN 3% 6/30/05

17,550,000

17,584,820

Pembroke Gen. Oblig. BAN 3% 8/4/05

15,000,000

15,054,181

Route 3 North Trans. Impt. Assoc. Lease Rev. Participating VRDN:

Series AAB 00 14, 2.99% (Liquidity Facility ABN-AMRO Bank NV) (b)(e)

19,900,000

19,900,000

Series EGL 01 2101, 3.02% (Liquidity Facility Citibank NA, New York) (b)(e)

7,600,000

7,600,000

Series ROC II R26, 3.02% (Liquidity Facility Citibank NA) (b)(e)

11,285,000

11,285,000

Scituate Gen. Oblig. BAN 3% 9/21/05

16,656,000

16,705,287

Shrewsbury Gen. Oblig. BAN 3.25% 8/12/05

12,200,000

12,243,187

Springfield Gen. Oblig. BAN 3% 7/8/05

7,332,000

7,348,501

Tyngsborough Gen. Oblig. BAN 3% 8/17/05

17,750,000

17,808,649

Univ. of Massachusetts Bldg. Auth. Proj. Rev. Participating VRDN:

Series ROC II 4044, 3.02% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e)

9,530,000

9,530,000

Series ROC II R4555, 3.02% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e)

5,985,000

5,985,000

Worcester Gen. Oblig. BAN 3.25% 9/16/05

13,050,000

13,104,297

3,441,408,646

Puerto Rico - 2.4%

Puerto Rico Commonwealth Gen. Oblig. Participating VRDN:

Series EGL 04 1017 Class A, 3% (Liquidity Facility Citibank NA) (b)(e)

7,250,000

7,250,000

Series Merlots 01 A107, 3.05% (Liquidity Facility Wachovia Bank NA) (b)(e)

19,010,000

19,010,000

Municipal Securities - continued

Principal Amount

Value

Puerto Rico - continued

Puerto Rico Commonwealth Gen. Oblig. Participating VRDN: - continued

Series MS 934, 2.99% (Liquidity Facility Morgan Stanley) (b)(e)

$ 16,610,000

$ 16,610,000

Series PA 774R, 2.99% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

1,770,000

1,770,000

Series ROC II R185, 3% (Liquidity Facility Citibank NA) (b)(e)

2,000,000

2,000,000

Puerto Rico Commonwealth Hwy. & Trans. Auth. Grant Anticipation Rev. Participating VRDN Series ROC II R5034, 3% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e)

13,570,000

13,570,000

Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Participating VRDN Series PA 114, 2.99% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

7,935,000

7,935,000

Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Participating VRDN:

Series PA 1044, 2.99% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

8,745,000

8,745,000

Series PA 561, 2.99% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

3,750,000

3,750,000

Series PA 778R, 2.99% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

3,025,000

3,025,000

Puerto Rico Muni. Fin. Agcy. Participating VRDN Series PA 645, 2.99% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)

4,400,000

4,400,000

88,065,000

Other - 1.5%

Fidelity Municipal Cash Central Fund, 3.01% (a)(c)

57,365,713

57,365,713

TOTAL INVESTMENT PORTFOLIO - 97.1%
(Cost $3,586,839,359)

3,586,839,359

NET OTHER ASSETS - 2.9%

105,732,284

NET ASSETS - 100%

$ 3,692,571,643

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

CP - COMMERCIAL PAPER

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.

(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(e) Provides evidence of ownership in one or more underlying municipal bonds.

Income Tax Information

At April 30, 2005, the aggregate cost of investment securities for income tax purposes was $3,586,839,359.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Spartan ® Massachusetts
Municipal Income Fund

April 30, 2005

1.800349.101

MFL-QTLY-0605

Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.3%

Principal Amount

Value

Massachusetts - 94.4%

Ashland Gen. Oblig. 5.25% 5/15/19 (AMBAC Insured)

$ 1,300,000

$ 1,450,241

Auburn Gen. Oblig. 5.125% 6/1/23 (AMBAC Insured)

1,305,000

1,435,826

Boston Gen. Oblig. Series A, 5% 1/1/17

1,005,000

1,096,586

Boston Hsg. Dev. Corp. Mtg. Rev. Series A, 5.15% 7/1/08 (MBIA Insured)

185,000

185,931

Boston Spl. Oblig. (Boston City Hosp. Issue Proj.):

5% 8/1/16 (MBIA Insured)

9,705,000

10,466,551

5% 8/1/17 (MBIA Insured)

7,990,000

8,556,731

5% 8/1/18 (MBIA Insured)

6,200,000

6,621,290

Boston Wtr. & Swr. Commission Rev.:

Sr. Series A:

5.25% 11/1/19

10,325,000

11,647,529

5.75% 11/1/13

1,975,000

2,216,701

Sr. Series C, 5.2% 11/1/21 (FGIC Insured)

2,045,000

2,186,187

Bridgewater-Raynham Reg'l. School District:

5% 6/15/18 (FSA Insured)

1,475,000

1,596,098

5% 6/15/19 (FSA Insured)

1,535,000

1,657,892

Brockton Gen. Oblig. 5.1% 4/1/12 (MBIA Insured)

1,550,000

1,647,929

Brookline Gen. Oblig. 5.75% 4/1/15

1,045,000

1,171,027

Dracut Gen. Oblig.:

5% 5/15/16 (AMBAC Insured)

1,400,000

1,533,028

5% 5/15/19 (AMBAC Insured)

1,000,000

1,084,150

Foxborough Stadium Infrastructure Impt.:

5.75% 6/1/25

11,695,000

12,931,863

6% 6/1/15

2,545,000

2,899,239

6% 6/1/16

3,015,000

3,431,613

6% 6/1/17

3,195,000

3,633,258

6% 6/1/18

3,390,000

3,851,616

6% 6/1/19

3,590,000

4,077,055

6% 6/1/20

3,785,000

4,296,581

Freetown Lakeville Reg'l. School District 5% 1/1/21 (MBIA Insured)

2,265,000

2,444,184

Hopedale Gen. Oblig. 5% 11/15/19 (AMBAC Insured)

1,000,000

1,090,900

Ipswich Gen. Oblig.:

5.5% 11/15/18 (FGIC Insured)

2,460,000

2,710,477

5.75% 11/15/14 (FGIC Insured)

1,100,000

1,233,870

Lawrence Gen. Oblig. 5.5% 2/1/15 (AMBAC Insured)

1,000,000

1,104,250

Littleton Gen. Oblig. 5% 1/15/19 (FGIC Insured)

1,380,000

1,494,016

Lowell Gen. Oblig.:

5% 12/15/17 (MBIA Insured)

1,410,000

1,552,720

5% 12/15/19 (MBIA Insured)

1,310,000

1,429,446

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Lowell Hsg. Dev. Corp. Multi-family Rev. Series A, 7.875% 11/1/24

$ 4,830,000

$ 4,855,792

Lynn Gen. Oblig.:

5.375% 8/15/14 (FGIC Insured)

2,120,000

2,369,482

5.375% 8/15/15 (FGIC Insured)

2,235,000

2,491,310

5.375% 8/15/16 (FGIC Insured)

2,345,000

2,608,297

Lynn Wtr. & Swr. Commission Gen. Rev. Series 1997 A:

5% 12/1/14 (FSA Insured)

1,375,000

1,452,206

5.125% 12/1/17 (FSA Insured)

1,290,000

1,364,743

Marblehead Gen. Oblig.:

5% 8/15/19

1,510,000

1,645,462

5% 8/15/20

1,465,000

1,591,766

Massachusetts Bay Trans. Auth.:

Series 1991 A, 7% 3/1/21 (FGIC Insured)

3,000,000

3,820,080

Series 2000 A:

5.25% 7/1/30

17,665,000

18,640,991

5.25% 7/1/30 (Pre-Refunded to 7/1/10 @ 100) (c)

7,070,000

7,789,160

Series A:

5% 3/1/23 (Pre-Refunded to 3/1/07 @ 101) (c)

650,000

682,136

5.5% 3/1/12

4,350,000

4,796,136

5.75% 7/1/15

85,000

95,141

5.75% 7/1/18

330,000

368,376

5.75% 3/1/26

5,500,000

6,026,680

7% 3/1/21

1,500,000

1,902,210

Series B, 6.2% 3/1/16

27,525,000

32,613,547

Series C, 5% 3/1/24

17,950,000

18,496,219

Massachusetts Bay Trans. Auth. Sales Tax Rev.:

Series 2002 A, 5% 7/1/32

3,340,000

3,465,885

Series 2005 A, 5% 7/1/22

10,500,000

11,683,140

Series C, 5.25% 7/1/19

4,430,000

5,065,306

Sr. Series C:

5.25% 7/1/21

4,000,000

4,585,480

5.25% 7/1/23

3,950,000

4,522,000

Massachusetts College Bldg. Auth. Proj. Rev.:

Series A:

0% 5/1/22 (Escrowed to Maturity) (c)

2,250,000

1,061,595

0% 5/1/28 (XL Cap. Assurance, Inc. Insured)

6,080,000

1,979,830

5% 5/1/18 (MBIA Insured)

2,270,000

2,466,809

5% 5/1/43 (MBIA Insured)

11,410,000

11,853,735

5.25% 5/1/14 (XL Cap. Assurance, Inc. Insured)

2,075,000

2,312,463

5.25% 5/1/15 (XL Cap. Assurance, Inc. Insured)

2,030,000

2,243,008

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts College Bldg. Auth. Proj. Rev.: - continued

Series A:

5.25% 5/1/16 (XL Cap. Assurance, Inc. Insured)

$ 1,295,000

$ 1,432,775

5.25% 5/1/19 (XL Cap. Assurance, Inc. Insured)

2,680,000

2,935,994

5.25% 5/1/21 (XL Cap. Assurance, Inc. Insured)

1,965,000

2,159,790

5.25% 5/1/23 (XL Cap. Assurance, Inc. Insured)

2,665,000

2,875,802

Series B:

5.375% 5/1/18 (XL Cap. Assurance, Inc. Insured)

1,100,000

1,250,887

5.375% 5/1/20 (XL Cap. Assurance, Inc. Insured)

1,825,000

2,108,112

Massachusetts Dev. Fin. Agcy. Rev.:

(Mount Holyoke College Proj.):

5.125% 7/1/21

5,715,000

6,126,994

5.25% 7/1/31

11,785,000

12,535,115

5.5% 7/1/14

750,000

830,228

5.5% 7/1/15

910,000

1,005,222

5.5% 7/1/16

590,000

650,369

(Regis College Proj.):

5.25% 10/1/18

2,240,000

2,034,794

5.5% 10/1/28

5,660,000

4,938,859

Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 5.5%, tender 5/1/14 (a)(b)

10,250,000

10,874,123

Massachusetts Ed. Ln. Auth. Ed. Ln. Rev.:

Series A:

Issue E:

4.3% 7/1/06 (AMBAC Insured) (b)

2,120,000

2,133,971

4.4% 7/1/07 (AMBAC Insured) (b)

3,320,000

3,371,095

4.55% 7/1/09 (AMBAC Insured) (b)

1,055,000

1,079,001

4.65% 7/1/10 (AMBAC Insured) (b)

2,515,000

2,582,125

4.75% 7/1/11 (AMBAC Insured) (b)

4,335,000

4,455,947

4.8% 7/1/12 (AMBAC Insured) (b)

1,120,000

1,154,037

4.95% 7/1/14 (AMBAC Insured) (b)

2,120,000

2,191,677

5% 7/1/15 (AMBAC Insured) (b)

1,000,000

1,034,770

Issue G:

5% 12/1/11 (MBIA Insured) (b)

2,090,000

2,155,124

5.45% 12/1/06 (MBIA Insured) (b)

4,650,000

4,709,892

Series B Issue E, 5.75% 7/1/07 (AMBAC Insured) (b)

1,740,000

1,775,165

Series C Issue G:

4.7% 12/1/09 (MBIA Insured) (b)

1,825,000

1,872,505

4.9% 12/1/11 (AMBAC Insured) (b)

2,630,000

2,715,764

Massachusetts Fed. Hwy.:

Series 1998 A:

0% 6/15/15

1,455,000

954,684

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Fed. Hwy.: - continued

Series 1998 A:

5.25% 12/15/11 (Pre-Refunded to 12/15/08
@ 101) (c)

$ 3,025,000

$ 3,262,977

5.25% 6/15/12 (Pre-Refunded to 12/15/08
@ 101) (c)

7,020,000

7,572,263

5.5% 6/15/14 (Pre-Refunded to 12/15/08 @ 101)(c)

8,290,000

9,012,391

Series 1998 B, 5.125% 6/15/15 (Pre-Refunded to 12/15/08 @ 101) (c)

5,820,000

6,253,241

Series 2000 A:

5.75% 6/15/11

13,660,000

15,265,323

5.75% 12/15/11

9,510,000

10,601,843

5.75% 6/15/12

5,000,000

5,566,000

5.75% 6/15/13

8,000,000

8,935,760

5.75% 12/15/14 (Pre-Refunded to 12/15/10
@ 100) (c)

5,000,000

5,592,150

Massachusetts Gen. Oblig.:

Series 1992 D:

6% 5/1/08

1,835,000

1,942,109

6% 5/1/08 (Escrowed to Maturity) (c)

685,000

732,361

Series 2000 C, 5.5% 10/1/22 (Pre-Refunded to 10/1/10 @ 100) (c)

1,720,000

1,910,473

Series 2001 A, 5% 1/1/21 (Pre-Refunded to 1/1/11 @ 100) (c)

21,955,000

23,854,327

Series 2001 D:

5.5% 11/1/18

2,000,000

2,305,920

5.5% 11/1/20

1,000,000

1,155,620

Series 2002 B, 5.5% 3/1/19 (Pre-Refunded to 3/1/12 @ 100) (c)

2,650,000

2,979,422

Series 2002 D, 5.375% 8/1/21 (Pre-Refunded to 8/1/12 @ 100) (c)

10,000,000

11,203,300

Series 2003 D, 5.5% 10/1/19 (AMBAC Insured)

7,000,000

8,141,140

Series 2004 A, 5.25% 8/1/20 (FSA Insured)

5,000,000

5,689,350

Series 2004 D, 6% 5/1/08 (Pre-Refunded to 5/1/07 @ 100) (c)

250,000

265,043

Series 2005 A:

5% 3/1/21 (FSA Insured)

7,500,000

8,066,100

5% 3/1/23 (FSA Insured)

20,420,000

21,824,692

5% 3/1/24 (FSA Insured)

9,000,000

9,596,610

5% 3/1/25

22,395,000

23,823,801

Series A:

5% 8/1/16 (Pre-Refunded to 8/1/14 @ 100) (c)

5,000,000

5,479,950

5% 3/1/18 (FSA Insured)

15,000,000

16,296,900

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Series C, 5.25% 11/1/30 (Pre-Refunded to 11/1/12 @ 100) (c)

$ 1,795,000

$ 1,996,686

Series D:

5.25% 10/1/22 (Pre-Refunded to 10/1/13
@ 100) (c)

3,800,000

4,251,288

5.375% 8/1/22 (Pre-Refunded to 8/1/12
@ 100) (c)

4,800,000

5,377,584

5.375% 8/1/22 (Pre-Refunded to 8/1/12
@ 100) (c)

210,000

235,269

5.5% 10/1/18

6,000,000

6,913,260

5.25% 1/1/21 (Pre-Refunded to 1/1/13 @ 100) (c)

4,305,000

4,791,766

5.25% 1/1/21 (Pre-Refunded to 1/1/13 @ 100) (c)

695,000

773,584

Massachusetts Health & Edl. Facilities Auth. Rev.:

(Baystate Med. Ctr. Proj.):

Series E, 6% 7/1/06 (FSA Insured)

1,425,000

1,475,060

Series F:

5.75% 7/1/17

1,305,000

1,422,124

5.75% 7/1/18

1,300,000

1,402,544

5.75% 7/1/19

1,455,000

1,561,477

5.75% 7/1/20

500,000

534,385

5.75% 7/1/33

3,000,000

3,187,530

(Blood Research Institute Proj.) Series A, 6.5% 2/1/22

12,725,000

12,781,245

(Brandeis Univ. Proj.) Series I:

5.25% 10/1/14 (MBIA Insured)

2,780,000

2,986,582

5.25% 10/1/16 (MBIA Insured)

1,400,000

1,504,034

(Emerson Hosp. Proj.) Series D, 5.7% 8/15/12 (FSA Insured)

9,475,000

9,610,114

(Harvard Univ. Proj.):

Series FF, 5.125% 7/15/37

34,135,000

35,925,039

Series P, 5.625% 11/1/28

1,500,000

1,549,020

(Lahey Clinic Med. Ctr. Proj.) Series B, 5.25% 7/1/10 (MBIA Insured)

14,120,000

14,285,769

(Massachusetts Eye & Ear Infirmary Proj.) Series B:

5.25% 7/1/08 (American Cap. Access Corp. Insured)

2,000,000

2,100,640

5.25% 7/1/09 (American Cap. Access Corp. Insured)

2,540,000

2,654,833

5.25% 7/1/10 (American Cap. Access Corp. Insured)

2,000,000

2,098,920

5.25% 7/1/11 (American Cap. Access Corp. Insured)

3,025,000

3,160,853

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Health & Edl. Facilities Auth. Rev.: - continued

(Massachusetts Gen. Hosp. Proj.) Series F, 6.25% 7/1/12 (AMBAC Insured)

$ 14,600,000

$ 16,239,288

(Massachusetts Institute of Technology Proj.):

Series K, 5.375% 7/1/17

6,805,000

7,847,662

Series L:

5% 7/1/18

4,300,000

4,792,393

5% 7/1/23

3,900,000

4,340,856

5.25% 7/1/33

14,000,000

16,033,500

(Med. Academic & Scientific Proj.) Series A, 6.625% 1/1/15

5,650,000

5,785,657

(MIT Proj.) Series I1, 5.2% 1/1/28

6,500,000

7,402,525

(New England Med. Ctr. Hosp. Proj.) Series G, 5.375% 7/1/24 (MBIA Insured)

1,000,000

1,021,450

(Newton-Wellesley Hosp. Proj.) Series G:

6% 7/1/12 (MBIA Insured)

4,070,000

4,382,535

6.125% 7/1/15 (MBIA Insured)

4,500,000

4,857,210

(Northeastern Univ. Proj.) Series 1998 G, 5% 10/1/28 (MBIA Insured)

6,500,000

6,774,755

(Partners HealthCare Sys., Inc. Proj.):

Series 1997 A:

5.1% 7/1/10 (MBIA Insured)

2,510,000

2,642,252

5.125% 7/1/11 (MBIA Insured)

3,885,000

4,090,050

5.375% 7/1/24 (MBIA Insured)

7,600,000

7,998,012

Series 2001 C, 5.75% 7/1/32

5,000,000

5,466,500

Series E:

5% 7/1/17

1,255,000

1,356,078

5% 7/1/19

1,390,000

1,486,869

(South Shore Hosp. Proj.) Series F:

5% 7/1/07

1,915,000

1,968,907

5.125% 7/1/08

2,000,000

2,081,100

5.25% 7/1/09

2,120,000

2,235,434

5.5% 7/1/12

2,165,000

2,319,408

5.625% 7/1/19

1,000,000

1,046,990

5.75% 7/1/29

4,350,000

4,532,831

(Tufts Univ. Proj.) Series I, 5.5% 2/15/36

5,000,000

5,423,600

(Univ. of Massachusetts Proj.) Series A:

5.875% 10/1/29 (Pre-Refunded to 10/1/10
@ 101) (c)

10,015,000

11,473,484

6% 10/1/15 (Pre-Refunded to 10/1/10 @ 101) (c)

1,000,000

1,151,810

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Health & Edl. Facilities Auth. Rev.: - continued

(Univ. of Massachusetts-Worcester Campus Proj.) Series B, 5.25% 10/1/15 (FGIC Insured)

$ 1,000,000

$ 1,099,050

(Wellesley College Proj.):

5% 7/1/19

1,975,000

2,125,456

5% 7/1/20

2,075,000

2,224,089

(Williams College Issue Proj.):

Series 2003 H, 5% 7/1/20

1,005,000

1,077,209

Series F, 5.75% 7/1/19

3,000,000

3,125,580

Series G, 5.5% 7/1/14

3,665,000

4,031,757

6.55% 6/23/22 (AMBAC Insured)

18,400,000

20,089,856

Massachusetts Hsg. Fin. Agcy. Hsg. Rev. Series A, 6% 12/1/13 (MBIA Insured)

4,535,000

4,632,094

Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. (Boston Edison Co. Proj.) Series A, 5.75% 2/1/14

9,900,000

10,038,105

Massachusetts Indl. Fin. Agcy. Resource Recovery Rev. (Ogden Haverhill Proj.):

Series 1992 A, 4.95% 12/1/06

1,950,000

1,989,663

Series 1998 A, 5.2% 12/1/08 (b)

1,300,000

1,334,450

Massachusetts Indl. Fin. Agcy. Rev.:

(Babson College Proj.) Series A, 5.6% 10/1/06 (MBIA Insured)

265,000

273,265

(Lesley College Proj.) Series A, 6.3% 7/1/15 (AMBAC Insured)

2,525,000

2,590,095

(Massachusetts Biomedical Research Corp. Proj.) Series A2:

0% 8/1/07

25,000,000

23,190,500

0% 8/1/08

15,000,000

13,434,150

(Whitehead Institute Biomedical Research Proj.) 5.125% 7/1/26

14,600,000

14,649,786

Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev.:

(Nuclear Mix #1 Proj.) Series A:

5% 7/1/08 (MBIA Insured)

8,330,000

8,825,552

5.25% 7/1/12 (MBIA Insured)

8,000,000

8,874,000

(Nuclear Mix #4 Proj.) Series A:

5% 7/1/08 (MBIA Insured)

8,415,000

8,915,608

5.25% 7/1/12 (MBIA Insured)

8,510,000

9,439,718

(Nuclear Mix #5 Proj.) Series A, 5% 7/1/08 (MBIA Insured)

4,175,000

4,423,371

(Stony Brook Intermediate Proj.) Series A, 5% 7/1/08 (MBIA Insured)

4,225,000

4,469,797

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Port Auth. Rev.:

(Spl. Facilities-US Air Proj.) Series A, 5.5% 9/1/10 (MBIA Insured) (b)

$ 2,030,000

$ 2,126,750

Series 1998 A:

5% 7/1/23 (FSA Insured)

8,750,000

9,068,150

5.5% 7/1/17 (FSA Insured)

2,105,000

2,283,504

Series 1998 B:

5% 7/1/10 (FSA Insured) (b)

2,275,000

2,394,392

5% 7/1/15 (FSA Insured) (b)

3,310,000

3,441,341

Series 1999 C, 5.75% 7/1/29 (FSA Insured)

5,000,000

5,524,250

Series A:

5% 7/1/18 (MBIA Insured)

2,000,000

2,152,360

5% 7/1/19 (MBIA Insured)

6,915,000

7,401,885

5% 7/1/20 (MBIA Insured)

2,505,000

2,668,802

5% 7/1/21 (MBIA Insured)

3,000,000

3,187,590

5% 7/1/22 (MBIA Insured)

2,000,000

2,115,100

5.125% 7/1/16 (FSA Insured)

3,000,000

3,229,890

5.125% 7/1/17 (FSA Insured)

3,000,000

3,222,630

Series B:

5.5% 7/1/10 (FSA Insured) (b)

11,470,000

12,481,883

5.5% 7/1/11 (FSA Insured) (b)

5,500,000

5,987,410

5.5% 7/1/12 (FSA Insured) (b)

4,000,000

4,354,480

5.625% 7/1/12 (Escrowed to Maturity) (c)

1,425,000

1,559,805

Massachusetts Port Auth. Spl. Facilities Rev. (Delta Air Lines, Inc. Proj.) Series A:

5.5% 1/1/12 (AMBAC Insured) (b)

7,395,000

7,963,676

5.5% 1/1/13 (AMBAC Insured) (b)

7,000,000

7,512,610

5.5% 1/1/14 (AMBAC Insured) (b)

6,040,000

6,479,168

5.5% 1/1/15 (AMBAC Insured) (b)

5,000,000

5,350,500

5.5% 1/1/16 (AMBAC Insured) (b)

5,000,000

5,334,900

5.5% 1/1/17 (AMBAC Insured) (b)

6,470,000

6,883,239

5.5% 1/1/18 (AMBAC Insured) (b)

6,000,000

6,364,680

5.5% 1/1/19 (AMBAC Insured) (b)

5,000,000

5,287,550

Massachusetts Spl. Oblig. Dedicated Tax Rev.:

5.25% 1/1/19 (FGIC Insured)

3,500,000

4,004,490

5.75% 1/1/32 (FGIC Insured)

21,500,000

24,414,540

Massachusetts Spl. Oblig. Rev.:

(Consolidated Ln. Prog.) Series A:

5% 6/1/23 (FSA Insured)

2,000,000

2,140,460

5.5% 6/1/16 (FSA Insured)

3,000,000

3,451,590

5.5% 6/1/18 (FSA Insured)

9,640,000

11,175,556

5.5% 6/1/19 (FSA Insured)

10,000,000

11,637,400

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Spl. Oblig. Rev.: - continued

Series A:

5.5% 6/1/15 (FGIC Insured)

$ 11,070,000

$ 12,722,751

5.5% 6/1/16 (FGIC Insured)

2,520,000

2,911,658

Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev.:

Series 1997 A, 5.125% 1/1/17 (MBIA Insured)

3,575,000

3,759,542

Series 1999 A:

5% 1/1/39 (AMBAC Insured)

6,925,000

7,089,123

5.25% 1/1/29 (AMBAC Insured)

45,615,000

48,717,261

Sr. Series A:

0% 1/1/25 (MBIA Insured)

5,110,000

2,030,612

0% 1/1/28 (MBIA Insured)

5,130,000

1,697,876

0% 1/1/29 (MBIA Insured)

33,165,000

10,381,640

5% 1/1/37 (MBIA Insured)

34,480,000

35,252,007

5.125% 1/1/23 (MBIA Insured)

3,460,000

3,585,321

Sr. Series C:

0% 1/1/16 (MBIA Insured)

3,000,000

1,924,290

0% 1/1/17 (MBIA Insured)

7,690,000

4,693,668

0% 1/1/18 (MBIA Insured)

2,025,000

1,170,126

0% 1/1/19 (MBIA Insured)

13,815,000

7,583,330

Massachusetts Tpk. Auth. Western Tpk. Rev. Series A, 5.55% 1/1/17 (MBIA Insured)

30,135,000

30,295,620

Massachusetts Wtr. Poll. Abatement Trust:

(MWRA Prog.) Series A, 5.25% 8/1/20

1,700,000

1,847,951

(Pool Prog.):

Series 10:

5% 8/1/22

6,000,000

6,425,880

5% 8/1/34

1,055,000

1,107,476

5.25% 8/1/15

2,435,000

2,740,179

Series 2004 A:

5.25% 2/1/16

6,110,000

6,890,797

5.25% 2/1/17

6,435,000

7,266,209

5.25% 2/1/18

6,210,000

7,025,125

5.25% 2/1/22

1,170,000

1,337,883

5.25% 8/1/22

6,525,000

7,445,678

5.25% 2/1/23

1,390,000

1,586,226

5.25% 2/1/24

1,170,000

1,333,133

5.25% 8/1/24

3,780,000

4,321,674

Series 3:

5.4% 2/1/10

300,000

314,910

5.5% 2/1/13

815,000

856,736

Series 4, 5.125% 8/1/14

70,000

75,510

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Wtr. Poll. Abatement Trust: - continued

Series 5, 5.25% 8/1/15

$ 75,000

$ 81,830

Series 6:

5.25% 8/1/19

30,000

33,000

5.5% 8/1/30

17,580,000

19,192,789

5.625% 8/1/14

115,000

128,207

5.625% 8/1/15

25,000

27,909

5.625% 8/1/15 (Pre-Refunded to 8/1/10
@ 101) (c)

975,000

1,101,506

5.625% 8/1/16

485,000

539,461

Series 7:

5.25% 2/1/16

4,495,000

4,869,478

5.25% 2/1/17

2,795,000

3,014,939

5.25% 2/1/17 (Pre-Refunded to 8/1/11
@ 100) (c)

2,205,000

2,437,782

Series 8:

5% 8/1/17

110,000

118,571

5% 8/1/17 (Pre-Refunded to 8/1/12 @ 100) (c)

5,540,000

6,074,665

5% 8/1/20

105,000

111,947

5% 8/1/20 (Pre-Refunded to 8/1/12 @ 100) (c)

5,395,000

5,915,671

Series 9, 5.25% 8/1/33

3,075,000

3,304,426

Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.) Series A:

5% 8/1/15

50,000

50,291

5% 8/1/15 (Escrowed to Maturity) (c)

950,000

1,058,718

5.25% 8/1/12

565,000

608,002

5.25% 8/1/13

330,000

353,846

5.45% 2/1/13

140,000

140,546

5.45% 2/1/13 (Escrowed to Maturity) (c)

1,960,000

2,181,950

Massachusetts Wtr. Resources Auth.:

Series A:

5.25% 8/1/21 (MBIA Insured)

12,645,000

14,058,711

5.25% 8/1/24 (MBIA Insured)

9,000,000

9,914,850

5.25% 8/1/25 (MBIA Insured)

1,200,000

1,315,944

5.25% 8/1/26 (MBIA Insured)

1,000,000

1,094,610

5.75% 8/1/30 (Pre-Refunded to 8/1/10 @ 101) (c)

20,500,000

23,229,780

5.75% 8/1/39 (Pre-Refunded to 8/1/10 @ 101) (c)

20,750,000

23,513,070

6.5% 7/15/19

21,960,000

26,969,076

Series B:

5.125% 8/1/27 (MBIA Insured)

6,960,000

7,359,574

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Wtr. Resources Auth.: - continued

5.5% 8/1/15 (FSA Insured)

$ 1,500,000

$ 1,714,575

5.5% 8/1/16 (FSA Insured)

1,425,000

1,649,110

Series D, 5% 8/1/24 (MBIA Insured)

1,510,000

1,581,348

Series J:

5% 8/1/42

8,160,000

8,419,406

5.5% 8/1/20 (FSA Insured)

1,000,000

1,174,900

Maynard Gen. Oblig.:

5.5% 2/1/17 (MBIA Insured)

1,030,000

1,167,464

5.5% 2/1/20 (MBIA Insured)

1,025,000

1,155,872

5.5% 2/1/23 (MBIA Insured)

1,000,000

1,124,800

Mendon Upton Reg'l. School District 5.25% 6/1/11 (FGIC Insured)

1,435,000

1,525,233

Methuen Gen. Oblig. 5% 11/1/16 (FGIC Insured)

1,000,000

1,049,310

Monson Gen. Oblig.:

5.25% 5/15/17 (AMBAC Insured)

2,120,000

2,335,371

5.25% 5/15/19 (AMBAC Insured)

2,335,000

2,567,659

5.25% 11/1/21 (AMBAC Insured)

1,000,000

1,114,740

5.25% 5/15/22 (AMBAC Insured)

2,985,000

3,245,740

Nantucket Gen. Oblig. 5% 7/15/17 (MBIA Insured)

5,000,000

5,292,900

North Attleborough Gen. Oblig. 5% 7/15/16 (FGIC Insured)

1,615,000

1,782,201

Pioneer Valley Reg'l. School District:

5.375% 6/15/15 (AMBAC Insured)

1,235,000

1,372,814

5.375% 6/15/16 (AMBAC Insured)

1,000,000

1,114,910

Pittsfield Gen. Oblig.:

5% 4/15/19 (MBIA Insured)

1,140,000

1,234,495

5.5% 4/15/17 (MBIA Insured)

1,930,000

2,172,447

Randolph Gen. Oblig.:

5% 9/1/16 (AMBAC Insured)

1,170,000

1,292,405

5% 9/1/18 (AMBAC Insured)

1,090,000

1,194,106

5% 9/1/19 (AMBAC Insured)

1,085,000

1,184,180

Reading Gen. Oblig.:

5% 3/15/20 (MBIA Insured)

2,100,000

2,252,082

5% 3/15/21 (MBIA Insured)

2,190,000

2,340,168

Route 3 North Trans. Impt. Assoc. Lease Rev.:

5.75% 6/15/11 (MBIA Insured)

4,365,000

4,879,546

5.75% 6/15/12 (MBIA Insured)

1,000,000

1,111,400

5.75% 6/15/14 (MBIA Insured)

2,515,000

2,815,241

5.75% 6/15/15 (MBIA Insured)

4,105,000

4,590,950

Salem Gen. Oblig.:

5% 1/15/19 (FGIC Insured)

1,525,000

1,651,087

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Salem Gen. Oblig.: - continued

5% 1/15/20 (FGIC Insured)

$ 1,350,000

$ 1,451,345

Sandwich Gen. Oblig.:

5.375% 8/15/18 (Pre-Refunded to 8/15/10 @ 101) (c)

1,050,000

1,174,404

5.375% 8/15/20 (Pre-Refunded to 8/15/10 @ 101) (c)

1,025,000

1,146,442

South Essex Swr. District Series A, 5.25% 6/15/24 (MBIA Insured)

2,810,000

2,934,624

Springfield Gen. Oblig.:

5.25% 1/15/16 (MBIA Insured)

2,195,000

2,428,702

5.25% 1/15/17 (MBIA Insured)

1,510,000

1,662,253

5.25% 1/15/18 (MBIA Insured)

1,000,000

1,100,130

5.25% 1/15/21 (MBIA Insured)

4,600,000

5,038,058

5.375% 8/1/17 (FGIC Insured)

1,875,000

2,074,463

5.5% 8/1/16 (FGIC Insured)

1,000,000

1,111,530

Tantasqua Reg'l. School District 5.75% 8/15/11 (FSA Insured)

2,530,000

2,862,417

Taunton Indl. Dev. Fing. Auth. Indl. Dev. Rev. (Pepsi Cola Metropolitan Bottle Proj.) 5.65% 8/1/12

2,400,000

2,421,480

Univ. of Massachusetts Bldg. Auth. Facilities Rev.:

Series 2000 A:

5% 11/1/15

1,595,000

1,692,311

5.125% 11/1/16

2,025,000

2,183,902

Series 2004 A:

5.375% 11/1/16 (AMBAC Insured)

2,080,000

2,340,770

5.375% 11/1/17 (AMBAC Insured)

1,000,000

1,118,600

Univ. of Massachusetts Bldg. Auth. Proj. Rev.:

Series 2004 1, 5.375% 11/1/16 (AMBAC Insured)

6,165,000

6,937,906

Series B:

5.5% 11/1/11 (AMBAC Insured)

1,175,000

1,305,120

5.5% 11/1/12 (AMBAC Insured)

2,465,000

2,722,321

5.5% 11/1/13 (AMBAC Insured)

1,615,000

1,792,973

5.5% 11/1/14 (AMBAC Insured)

1,500,000

1,662,930

5.5% 11/1/15 (AMBAC Insured)

1,200,000

1,328,436

5.5% 11/1/16 (AMBAC Insured)

1,250,000

1,381,800

5.5% 11/1/17 (AMBAC Insured)

1,250,000

1,379,825

5.5% 11/1/18 (AMBAC Insured)

1,400,000

1,543,192

Sr. Series 2, 5.125% 11/1/19 (AMBAC Insured)

3,830,000

4,112,769

Woods Hole, Martha's Vineyard & Nantucket Steamship Series 2004 B, 5% 3/1/17

3,300,000

3,602,181

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Worcester Gen. Oblig.:

Series 2001 A:

5.25% 8/15/21 (FGIC Insured)

$ 1,465,000

$ 1,587,723

5.5% 8/15/13 (FGIC Insured)

1,285,000

1,435,615

5.5% 8/15/18 (FGIC Insured)

1,000,000

1,105,890

Series 2001 B, 5.5% 10/1/14 (FGIC Insured)

1,070,000

1,193,810

Series A:

5.5% 4/1/19 (FSA Insured)

4,000,000

4,404,840

5.75% 4/1/12 (FSA Insured)

2,935,000

3,280,450

5.75% 4/1/13 (FSA Insured)

3,035,000

3,411,310

5.75% 4/1/14 (FSA Insured)

3,120,000

3,502,294

1,687,972,768

Puerto Rico - 3.8%

Puerto Rico Commonwealth Gen. Oblig.:

Series 2001 A, 5.5% 7/1/17 (XL Cap. Assurance, Inc. Insured)

4,450,000

5,180,868

Series A, 5.25% 7/1/18

3,500,000

3,806,880

Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev.:

Series 1996 Y, 5% 7/1/36 (FSA Insured)

1,000,000

1,066,950

Series Y, 5.5% 7/1/36 (MBIA Insured)

1,000,000

1,139,700

Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev.:

Series 1998, 5.75% 7/1/22 (CIFG North America Insured)

3,000,000

3,418,200

Series 2002 E, 5.5% 7/1/21 (FSA Insured)

1,700,000

2,021,436

Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A:

5.5% 10/1/32 (Escrowed to Maturity) (c)

13,750,000

15,033,975

5.5% 10/1/40 (Escrowed to Maturity) (c)

21,200,000

23,136,196

Puerto Rico Elec. Pwr. Auth. Pwr. Rev.:

Series HH, 5.25% 7/1/29 (FSA Insured)

3,230,000

3,483,394

Series QQ:

5.25% 7/1/14 (XL Cap. Assurance, Inc. Insured)

2,300,000

2,595,642

5.5% 7/1/16 (XL Cap. Assurance, Inc. Insured)

3,195,000

3,697,669

5.5% 7/1/17 (XL Cap. Assurance, Inc. Insured)

3,000,000

3,492,720

68,073,630

Virgin Islands - 0.1%

Virgin Islands Pub. Fin. Auth. Rev. Series A:

5% 10/1/11

805,000

864,667

Municipal Bonds - continued

Principal Amount

Value

Virgin Islands - continued

Virgin Islands Pub. Fin. Auth. Rev. Series A: - continued

5% 10/1/13

$ 700,000

$ 756,287

5.25% 10/1/16

750,000

817,965

2,438,919

TOTAL INVESTMENT PORTFOLIO - 98.3%

(Cost $1,672,202,374)

1,758,485,317

NET OTHER ASSETS - 1.7%

29,716,267

NET ASSETS - 100%

$ 1,788,201,584

Legend

(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(c) Security collateralized by an amount sufficient to pay interest and principal.

Income Tax Information

At April 30, 2005, the aggregate cost of investment securities for income tax purposes was $1,671,440,551. Net unrealized appreciation aggregated $87,044,766, of which $88,528,164 related to appreciated investment securities and $1,483,398 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Spartan ® Massachusetts Municipal
Money Market Fund

April 30, 2005

1.800350.101

SMA-QTLY-0605

Investments April 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 97.2%

Principal Amount

Value

Massachusetts - 88.2%

Acushnet Gen. Oblig. BAN 3% 8/12/05

$ 6,000,000

$ 6,024,669

Clipper Tax-Exempt Trust Participating VRDN Series 2003 8, 2.7% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)

4,900,000

4,900,000

Franklin Gen. Oblig. BAN 3.75% 3/28/06

3,800,000

3,835,643

Hull Gen. Oblig. BAN 3% 7/14/05

4,800,000

4,808,472

Lincoln-Sudbury Reg'l. School District BAN 3% 10/7/05

12,100,000

12,167,865

Lynnfield Gen. Oblig. BAN 3.35% 3/1/06

14,750,000

14,859,090

Massachusetts Bay Trans. Auth.:

Participating VRDN:

Series Eagle 04 24, Class A, 3.02% (Liquidity Facility Citibank NA) (a)(c)

2,800,000

2,800,000

Series EGL 04 31 Class A, 3.02% (Liquidity Facility Citibank NA) (a)(c)

5,000,000

5,000,000

Series EGL 99 2101, 3.02% (Liquidity Facility Citibank NA, New York) (a)(c)

4,645,000

4,645,000

Series Merlots 00 H, 3.07% (Liquidity Facility Wachovia Bank NA) (a)(c)

8,400,000

8,400,000

Series PT 2250, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

6,325,000

6,325,000

Series TOC 04 D, 3.02% (Liquidity Facility Goldman Sachs Group, Inc.) (a)(c)

2,200,000

2,200,000

Series 1999, 3.04%, VRDN (a)

11,500,000

11,500,000

Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating VRDN:

Series EGL 720050007, 3.02% (Liquidity Facility Citibank NA) (a)(c)

6,700,000

6,700,000

Series PT 1580, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

8,430,000

8,430,000

Series PT 2081, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

7,500,000

7,500,000

Series PT 2459, 3.01% (Liquidity Facility Dexia Cr. Local de France) (a)(c)

8,800,000

8,800,000

Series PT 2581, 3.01% (Liquidity Facility Dexia Cr. Local de France) (a)(c)

10,000,000

10,000,000

Series Putters 732, 3.02% (Liquidity Facility JPMorgan Chase Bank) (a)(c)

7,730,000

7,730,000

Series ROC II R358, 3.02% (Liquidity Facility Citibank NA) (a)(c)

5,680,000

5,680,000

Massachusetts Dev. Fin. Agcy. Rev.:

Participating VRDN Series MS 974, 3.02% (Liquidity Facility Morgan Stanley) (a)(c)

2,781,500

2,781,500

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Dev. Fin. Agcy. Rev.: - continued

(Alliance of Massachusetts, Inc. Proj.) Series 2001 A, 3.05%, LOC PNC Bank NA, Pittsburgh, VRDN (a)

$ 3,900,000

$ 3,900,000

(Boston Renaissance Charter School Proj.) 3.05%, LOC Fleet Nat'l. Bank, VRDN (a)

9,200,000

9,200,000

(Boston Univ. Proj.) Series R1, 3.04% (XL Cap. Assurance, Inc. Insured), VRDN (a)

1,000,000

1,000,000

(Saint Mark's School Proj.) 3%, LOC Fleet Nat'l. Bank, VRDN (a)

8,000,000

8,000,000

Massachusetts Dev. Fin. Agcy. Sr. Living Facility Rev. (New England Deaconess Assoc. Proj.) 3%, LOC Lloyds TSB Bank PLC, VRDN (a)

13,805,000

13,805,000

Massachusetts Gen. Oblig.:

Participating VRDN:

Series AAB 00 18, 2.99% (Liquidity Facility ABN-AMRO Bank NV) (a)(c)

4,600,000

4,600,000

Series AAB 02 18, 3% (Liquidity Facility ABN-AMRO Bank NV) (a)(c)

4,500,000

4,500,000

Series EGL 00 2102, 3.02% (Liquidity Facility Citibank NA, New York) (a)(c)

2,500,000

2,500,000

Series EGL 01 2102, 3.02% (Liquidity Facility Citibank NA, New York) (a)(c)

4,300,000

4,300,000

Series EGL 01 2103, 3.02% (Liquidity Facility Citibank NA, New York) (a)(c)

11,685,000

11,685,000

Series EGL 01 2104, 3.02% (Liquidity Facility Citibank NA, New York) (a)(c)

4,690,000

4,690,000

Series EGL 01 2105, 3.02% (Liquidity Facility Citibank NA, New York) (a)(c)

11,700,000

11,700,000

Series EGL 03 7777, 3.02% (Liquidity Facility Citibank NA, New York) (a)(c)

8,100,000

8,100,000

Series EGL 04 0003, 3.02% (Liquidity Facility Citibank NA) (a)(c)

7,200,000

7,200,000

Series EGL 04 0007, 3.02% (Liquidity Facility Citibank NA) (a)(c)

9,900,000

9,900,000

Series Merlots 04 B12, 3.07% (Liquidity Facility Wachovia Bank NA) (a)(c)

2,195,000

2,195,000

Series Merlots 04 B3, 3.07% (Liquidity Facility Wachovia Bank NA) (a)(c)

6,485,000

6,485,000

Series Merlots 04 C42, 3.07% (Liquidity Facility Wachovia Bank NA) (a)(c)

4,000,000

4,000,000

Series Merlots 04 C44, 3.07% (Liquidity Facility Wachovia Bank NA) (a)(c)

1,890,000

1,890,000

Series Merlots A51, 3.07% (Liquidity Facility Wachovia Bank NA) (a)(c)

7,190,000

7,190,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Participating VRDN:

Series MS 1047, 3.02% (Liquidity Facility Morgan Stanley) (a)(c)

$ 3,400,000

$ 3,400,000

Series MS 903, 3.02% (Liquidity Facility Morgan Stanley) (a)(c)

6,500,000

6,500,000

Series PT 1945, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

4,180,000

4,180,000

Series PT 2008, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

4,200,000

4,200,000

Series PT 2079, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

7,880,000

7,880,000

Series PT 2265, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

9,990,000

9,990,000

Series PT 2279, 3.01% (Liquidity Facility Dexia Cr. Local de France) (a)(c)

5,330,000

5,330,000

Series PT 2299, 3.01% (Liquidity Facility Dexia Cr. Local de France) (a)(c)

5,175,000

5,175,000

Series PT 2332, 3.01% (Liquidity Facility Dexia Cr. Local de France) (a)(c)

5,445,000

5,445,000

Series PT 2367, 3.01% (Liquidity Facility Dexia Cr. Local de France) (a)(c)

5,540,000

5,540,000

Series PT 2426, 3.01% (Liquidity Facility Dexia Cr. Local de France) (a)(c)

9,000,000

9,000,000

Series PT 391, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

7,130,000

7,130,000

Series PT 921, 3.01% (Liquidity Facility BNP Paribas SA) (a)(c)

5,430,000

5,430,000

Series PT 983, 3.01% (Liquidity Facility DEPFA BANK PLC) (a)(c)

7,395,000

7,395,000

Series PT 987, 3.01% (Liquidity Facility DEPFA BANK PLC) (a)(c)

8,140,000

8,140,000

Series Putters 301, 3.01% (Liquidity Facility J.P. Morgan Chase & Co.) (a)(c)

4,665,000

4,665,000

Series Putters 462, 3% (Liquidity Facility PNC Bank NA, Pittsburgh) (a)(c)

2,575,000

2,575,000

Series ROC II R102, 3.02% (Liquidity Facility Citibank NA) (a)(c)

4,865,000

4,865,000

Series SG 126, 3.01% (Liquidity Facility Societe Generale) (a)(c)

3,255,000

3,255,000

Series Stars 100, 3.01% (Liquidity Facility BNP Paribas SA) (a)(c)

7,740,000

7,740,000

Series Stars 105, 3.01% (Liquidity Facility BNP Paribas SA) (a)(c)

5,450,000

5,450,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Participating VRDN:

Series Stars 80, 3.01% (Liquidity Facility BNP Paribas SA) (a)(c)

$ 5,700,000

$ 5,700,000

(Central Artery Proj.):

Series 2000 A, 3.03% (Liquidity Facility Landesbank Baden-Wuerttemberg), VRDN (a)

22,100,000

22,100,000

Series B, 3.03%, VRDN (a)

10,500,000

10,500,000

Series 2001 B, 3.07% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a)

30,210,000

30,210,000

Series 2001 C, 3.07% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)

2,200,000

2,200,000

Massachusetts Health & Edl. Facilities Auth. Rev.:

Participating VRDN:

Series 01 834, 3.02% (Liquidity Facility Morgan Stanley) (a)(c)

8,700,000

8,700,000

Series EGL 03 18, 3.02% (Liquidity Facility Citibank NA, New York) (a)(c)

9,995,000

9,995,000

Series EGL 03 50, 3.02% (Liquidity Facility Citibank NA, New York) (a)(c)

4,700,000

4,700,000

Series EGL 04 39, 3.02% (Liquidity Facility Citibank NA) (a)(c)

6,180,000

6,180,000

Series EGL 96 2101, 3.02% (Liquidity Facility Citibank NA, New York) (a)(c)

5,975,000

5,975,000

Series EGL 97 2104, 3.02% (Liquidity Facility Citibank NA, New York) (a)(c)

5,000,000

5,000,000

Series Merlots 00 T, 3.07% (Liquidity Facility Wachovia Bank NA) (a)(c)

1,575,000

1,575,000

Series Merlots 00 WW, 3.07% (Liquidity Facility Wachovia Bank NA) (a)(c)

4,800,000

4,800,000

Series Merlots 97 Y, 3.07% (Liquidity Facility Wachovia Bank NA) (a)(c)

4,435,000

4,435,000

Series PA 595R, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

4,000,000

4,000,000

Series PT 904, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

9,360,000

9,360,000

Series SGB 42, 3.02% (Liquidity Facility Societe Generale) (a)(c)

8,700,000

8,700,000

(Bentley College Proj.) Series K, 3.04%, LOC Fleet Nat'l. Bank, VRDN (a)

1,000,000

1,000,000

(Endicott College Proj.) Series B, 2.98%, LOC Fleet Nat'l. Bank, VRDN (a)

5,000,000

5,000,000

(Home for Little Wanderers Proj.) Series B, 2.99%, LOC Fleet Bank NA, VRDN (a)

2,400,000

2,400,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Health & Edl. Facilities Auth. Rev.: - continued

(Partners Health Care Sys., Inc. Proj.) Series D6, 3.03%, VRDN (a)

$ 4,200,000

$ 4,200,000

(Partners HealthCare Sys., Inc. Proj.):

Series D5, 3.03%, VRDN (a)

5,700,000

5,700,000

Series P2, 2.98% (FSA Insured), VRDN (a)

17,050,000

17,050,000

(Williams College Proj.) Series E, 2.97%, VRDN (a)

3,400,000

3,400,000

Massachusetts Hsg. Fin. Agcy. Hsg. Rev.:

Participating VRDN Series Merlots H, 3.07% (Liquidity Facility Wachovia Bank NA) (a)(c)

8,375,000

8,375,000

Series 2003 F, 3% (FSA Insured), VRDN (a)

36,435,000

36,435,001

Massachusetts Indl. Fin. Agcy. Health Care Facilities Auth. (Jewish Geriatric Svs. Proj.) 3%, LOC Lloyds TSB Bank PLC, VRDN (a)

5,215,000

5,215,000

Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1992:

2.03% tender 5/9/05, CP mode

4,700,000

4,700,000

2.33% tender 5/17/05, CP mode

5,100,000

5,100,000

Massachusetts Indl. Fin. Agcy. Rev.:

Bonds (Massachusetts Biomedical Research Corp. Proj.) Series A2, 0% 8/1/05

9,300,000

9,255,330

Participating VRDN Series SG 56, 3.01% (Liquidity Facility Societe Generale) (a)(c)

7,025,000

7,025,000

(JHC Assisted Living Corp. Proj.) Series 1998 A, 3%, LOC Suntrust Bank, VRDN (a)

2,100,000

2,100,000

(Mary Ann Morse Nursing Home Proj.):

Series 1994 A, 3%, LOC ABN-AMRO Bank NV, VRDN (a)

2,800,000

2,800,000

Series 1994 B, 3%, LOC ABN-AMRO Bank NV, VRDN (a)

4,000,000

4,000,000

(Society for the Prevention of Cruelty to Animals Proj.)
Series 1997, 2.99%, LOC Fleet Nat'l. Bank, VRDN (a)

4,140,000

4,140,000

(Youville Place Proj.) Series 1996, 3.05% (AMBAC Insured), VRDN (a)

3,900,000

3,900,000

Massachusetts Port Auth. Rev. Participating VRDN Series PA 599R, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

4,850,000

4,850,000

Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev. Participating VRDN Series SG 124, 3.01% (Liquidity Facility Societe Generale) (a)(c)

16,985,000

16,985,000

Massachusetts Tpk. Auth. Tpk. Rev. Participating VRDN
Series PA 581R, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

19,885,000

19,885,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Tpk. Auth. Western Tpk. Rev. Participating VRDN Series BA 97 N, 3.02% (Liquidity Facility Bank of America NA) (a)(c)

$ 14,250,000

$ 14,250,000

Massachusetts Wtr. Poll. Abatement Trust Participating VRDN:

Series CDC 04 3, 3.01% (Liquidity Facility CDC Fin.-CDC Ixis) (a)(c)

5,310,000

5,310,000

Series PT 2365, 3.01% (Liquidity Facility Dexia Cr. Local de France) (a)(c)

5,900,000

5,900,000

Series Putters 578, 3.01% (Liquidity Facility J.P. Morgan Chase & Co.) (a)(c)

4,995,000

4,995,000

Series Putters 867T, 3.02% (Liquidity Facility JPMorgan Chase Bank) (a)(c)

3,835,000

3,835,000

Series ROC II R6512, 3.02% (Liquidity Facility Citibank NA) (a)(c)

2,655,000

2,655,000

Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. Participating VRDN:

Series Merlots 99 N, 3.07% (Liquidity Facility Wachovia Bank NA) (a)(c)

5,070,000

5,070,000

Series SGA 87, 3.03% (Liquidity Facility Societe Generale) (a)(c)

5,000,000

5,000,000

Massachusetts Wtr. Resources Auth.:

Participating VRDN:

Series EGL 02 2101, 3.02% (Liquidity Facility Citibank NA, New York) (a)(c)

4,600,000

4,600,000

Series EGL 7050015, 3.02% (Liquidity Facility Citibank NA) (a)(c)

7,000,000

7,000,000

Series MS 04 1038, 3.02% (Liquidity Facility Morgan Stanley) (a)(c)

8,870,000

8,870,000

Series Putters 826, 3.02% (Liquidity Facility Dresdner Bank AG) (a)(c)

6,595,000

6,595,000

Series ROC II R252, 3.02% (Liquidity Facility Citibank NA) (a)(c)

6,585,000

6,585,000

Series 1995, 2.5% 5/2/05, LOC Bayerische Landesbank Girozentrale, CP

6,200,000

6,200,000

Series 1997 B, 2.99% (AMBAC Insured), VRDN (a)

16,855,000

16,855,000

Series 1998 D, 2.99% (FGIC Insured), VRDN (a)

7,700,000

7,700,000

Series 2000 B, 2.99% (FGIC Insured), VRDN (a)

22,925,000

22,925,000

Series 2002 C, 3.1%, LOC Landesbank Hessen-Thuringen, VRDN (a)

23,500,000

23,500,000

Melrose Gen. Oblig. BAN 3% 8/11/05

3,000,000

3,012,215

Mendon Upton Reg'l. School District BAN 3.5% 2/28/06

4,600,000

4,627,785

North Andover Gen. Oblig. BAN 3% 10/7/05

9,200,000

9,247,611

North Middlesex Reg'l. School District BAN 3% 6/30/05

4,900,000

4,909,722

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Northborough-Southboro Reg'l. School District BAN 3% 10/27/05

$ 14,201,000

$ 14,278,234

Route 3 North Trans. Impt. Assoc. Lease Rev. Participating VRDN:

Series AAB 00 14, 2.99% (Liquidity Facility ABN-AMRO Bank NV) (a)(c)

6,535,000

6,535,000

Series EGL 01 2101, 3.02% (Liquidity Facility Citibank NA, New York) (a)(c)

2,200,000

2,200,000

Univ. of Massachusetts Bldg. Auth. Proj. Rev. Participating VRDN Series ROC II 2038, 3.02% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c)

5,120,000

5,120,000

920,633,137

Puerto Rico - 7.5%

Puerto Rico Commonwealth Gen. Oblig. Participating VRDN:

Series Merlots 01 A107, 3.05% (Liquidity Facility Wachovia Bank NA) (a)(c)

24,640,000

24,640,000

Series MS 896, 3.01% (Liquidity Facility Morgan Stanley) (a)(c)

2,657,500

2,657,500

Series PA 1225, 3.02% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

10,000,000

10,000,000

Puerto Rico Commonwealth Infrastructure Fing. Auth. Participating VRDN Series Merlots 00 A15, 3.05% (Liquidity Facility Wachovia Bank NA) (a)(c)

14,415,000

14,415,000

Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Participating VRDN:

Series Merlots B03, 3.05% (Liquidity Facility Wachovia Bank NA) (a)(c)

9,975,000

9,975,000

Series MS 897, 3.01% (Liquidity Facility Morgan Stanley) (a)(c)

2,495,000

2,495,000

Puerto Rico Indl., Tourist, Edl., Med. & Envir. Cont. Facilities Fing. Auth. (Ana G. Mendez Univ. Sys. Proj.) Series 1998, 3.39%, LOC Banco Santander Central Hispano SA, VRDN (a)

1,200,000

1,200,000

Puerto Rico Pub. Bldgs Auth. Rev. Participating VRDN
Series Stars 97, 2.99% (Liquidity Facility BNP Paribas SA) (a)(c)

13,600,000

13,600,000

78,982,500

Municipal Securities - continued

Shares

Value

Other - 1.5%

Fidelity Tax-Free Cash Central Fund, 2.89% (b)(d)

15,601,000

$ 15,601,000

TOTAL INVESTMENT PORTFOLIO - 97.2%
(Cost $1,015,216,637)

1,015,216,637

NET OTHER ASSETS - 2.8%

28,953,082

NET ASSETS - 100%

$ 1,044,169,719

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

CP - COMMERCIAL PAPER

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent quarter end is available upon request.

(c) Provides evidence of ownership in one or more underlying municipal bonds.

(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund.

Income Tax Information

At April 30, 2005, the aggregate cost of investment securities for income tax purposes was $1,015,216,637.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Massachusetts Municipal Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Massachusetts Municipal Trust

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

June 24, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

June 24, 2005

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

June 24, 2005